COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1767, 4 June 1913, Page 10

COMMERCIAL ITEMS.

' COPPER PRODUCTION IN 1912. Tlie world's production of copper, which remained practically stationary during 1909-10-11, showed a material increase last y-car. Some of the AuA'rllian mines suffered considerably from strikes and other causes, and this in a larje measure counterbalanced the increased production in Northern Australia.' The shipments from Africa showed no appreciable change, and there was apparently no effort made to brine forward the long-promised supplies from the greai Tanganyika ore deposits. The Canadian 'production, according to Messrs. Branders, Goldselimidt, and Co.. was somewhat larger, but the Mexican output showed a decline. _ Tlie .United States controlled tlio mines in both these couutries. Rome .of the older mines and 6inelters in Chili experienced great trouble in the early part of tho year, and had to close down temporarily. The following comparison may be made ,of tho world's production during the nast eight years:— World's Copper Production. Tons. Tons. 1912 961, M 1908 740.0C0, 1911 865.0C0 . 1907 7C6,0C0 1910 855,0C0 1906 713,CC0 1909 840,000 1905 635,000 It is thought probable that a consider, able portion of the future supply of copper is bound to come from South America, particularly Chili, Uolivia, and Peru, .where enormous copper deposits aro known to exist. But it will be many years before mct-al from these mines will be placed ion the market, ■ as ...production!,..in ,South America is made very difficult through scarcity of labour and tho inaccessibility of some of the deposits. It is also rather difficult to ilnd tho vast amount of capital required for tho profitable opening up of these mines. LINSEED Olti SUBSTITUTE. Thero apea-rs to be a sort of fascination in the search of a substitute for linseed oil.' Tho latest effort in that direction has produced what is termed kukui oil, the 6ourcc of which it is stated to be nuts obtained from certain trees-which grow on the Pacific Islands. Tho plant is described as having been indigenous to tho islands for the last 75 years, but it is only within a comparatively recent period that its commercial importance has commanded recognition. The oil vieldod by the nuts is declared to bo "abie to replace linseod oil for all purposes with ths drying, property of the latter as its most valuablo property." In fact, according to informal tion given on tho subject to the "Oil, Paint, and Drug Iteporter," tho kukui oil dries four hours sooner than does linseed oil, but its uso would have a serious effect •on the China wood oil l-eouirements of tho United States, and indirectly, at all events, 'it would liavo some influence on the linseed oil demand in that oouxtry. In point of cost, there would be little if any difference between kukui and linseed the latter, as a matter of fact, having any advantage existing at this stage. Pressed cake made of the new production is doscribed as unusually rich in nitrogen, phosphorio acid and potash, and therefore of g-reat value as a fertiliser.

ROYAIi EXCHANGE ASSURANCE. The report of the Koyal Exchange Assurance for tho year ended December 31 states that in, the flro department tho net premiums for tho year amounted to £839,607, which, with interest, gave a total income of £244,315. The losees, after providing far all claimb known to havo occurred on or before December 31, amounted to £435,739. The commission was £153,668 and .the ex* pensos of management wero £157,525. Fuli provision has been mode in each case for outstanding iteme- Tho tire fund, after transferring £76,166 to profit and loss account, amount© to £395,643. In the marine department tho net prem/inmo amounted to £353,773, which, with interest, gave a total income of £357,5<0. Tho losses paid in respect of 1912 and previous years amounted to £291,529, and include* £51,500 for claims by tho Titanic, for which a transfer has been made from the profit audi los 3 account. Thus the whole of tho Jose by tho Titanic has been provided for. The commission was £12,626 and tho expenses of managoment wero £37,105. Tho , marine fiind, after trnnsferiiing to tho , profit and, loss account £38,164 (tho profit lof the year 1911), amounts to £267,280. In I the employers' liability department (United 1 Kingdom) the not premiums for the year | amounted to £115,093, which, witli interest, i gave a total incomo of £117/60. The loefica I poid amounted to £56,887.' Commission- and I expenses of management, after making full provision for outstanding items, weve £40,210. The employers' liability fund, after transferring £16,047 to profit and loss account, amounts to £86,264. In tho personal accident department tlio uet ptemiume for tho year amounted to £24,217, which, with interest, gave a total income of £24,534. . Tho lostes paid amounted fo> £10,8)6. Commission and expenses of management, after making full provision tor. outstanding items, were £9814. The personal accident fund, ofter transferring £2975 to profit and loss account, amounts to £12,250. In tho general department (cniplovcro* liability (foreign), third- party, burglary and fidelity guarantee) the net premiums for tho year amounted to £101,131, which, with interest, gave a total Income of £102X63. The losses paid amounted to £27,965. Commission and expenses of management, after making full provision for outstanding itemfi, were £36,395. The general insurance fund, after transferring £11,418 to profit and. loss account, amounts to £54,208. The profit and loss account (general reserve fund) amounts to £512,075. It ha« been credited wftli the departmental profits and with interest, while £51,500 has been, transferred to the marine fund to moot the loss incurred by the wreck of tho Titanic. Tho assets amount to £6,795,099.

YORKSHIRE INSURANCE CO. The report of tho Yorkshire Int-uraucc Company for the year ended December 31 states that in the lire department the net premium income, after deduction of reinsurances, amounted to JSsOI,I6S, 03 against £319,445 in the previous account. The losses woro £167,081, the ratio being 41.6 per cent., as njp.inst 51.7 per eent. for tlio previous year. From tlio balance nt credit ol this account, £59,548 has been carried to profit and loss, and the re c er«! for unexpired liability lias been increosed to £160/66. In t.lio accident account (wliic.ll onlv applies to norsonal accident butinern in tiie United Kingdom) the premiums amounted to £12,<04, the claims incurred bciii" £5798 uftor full provision for claimf outstanding: the rc&ervo for unexpired liability is increased to £4962. and an increased credit balance of £4822 is carr'cd forward. 111 tho omployors' liability Account the premium inoome for t.ho year amounted to £98,980, t,lie claims incurred being £55.378 after full provision for claims outstanding. Tho reserve for unexpired liability 13 increased !o £39,593, provision for outstanding claims £20,936, and the balance of £9255 is carried forward. In the General account, the premium income amounted to £235,859. the claims paid and outstanding were £130,708. or 55.4 perccnt., as compared with £6.7 per cont, last yeov; OJJI to tim rctorroJw

cvpircil liability. i;iakiii'„' it .£79,186. 'i<y IkiUuk'c carried forward j\< increased tj £21,503. In the marine account the premiums received amounted to .£123,G35, mid after dodin-tiou ot claims—paid nnd out-MUilidiilc-r.'OUiniie.'ions and cxncn.sc-', tlicic is balance of £37,165, which i.-' carri.-d ronvard, FIiOZEN JIEAT. jrossrs. Gilbert Anderson nnd Co. (Mcfsr?. Itilhop. Kliott, and Co., nßcnt'!), in their circular datod London, April 25, report m follows:— , . ... A dill I and disn-ppomtnis,- trade l'-c.s heen oxprrienccd, for which supplies have been more than sufltcient. Frozen mutton ti:\.n wiffercd «liiofly. but the very small stocks of ln.ml) have liept this article in a stroll it position, and prices ehonid steadily l-iso until Whitsnnt-ide. Thearrivalf ofter t:;at date will lie more plentiful. Tho ftituro depends on whether the demand at present high prices can lie maintained, llon-.e-prown lieef: Scotc-h, 6Jd. to 7d.; (lid. to 6;d.; Canadian (London, killed), bid. to eSd. Mutton: Scotch, 7d. to 73d.,- English. CJd. to 7id.:.But:fh, 6>d. t<i 7id Tezs: Scotch. F.;l. to 9d.j Ensl.fc-h. 7\d. to jil. Lamb: Kmrlish new season's. 9d. to IOJd. Veal, 7».d. to Bd. -Pork, 7)d. to Gid.; Dutch, 6 ! d to"7?d. Chilled beef: There is llit'o otiango from last week, prices remainingFores. 3 15-16 d.; Undo. sd. _Fro7.en beef: Jyew Zealand fores, 3 3-Gd.: hinds. 4 l-16d ; Australian. 3 3-Bd. and 3Jd.; Plate. 3Jd. and 3ltl. Frozen mutton: Canterbury «lieen remain unaltered, at 48-56 4 33-lGd.. 56-64 4'7-16d., 64-72 4id.. hut North Islands pre l-16d. lower. r.er,t„ 66-64, 4 5-16 d.; ordinary, 4 3-16 d • ewes, 3 1.1-16(1. Australian wethers, 30-50 , 31d.: owes, 3?<l. Plato we'thors. 4Jd.; lights. 3Jd.; heavies (owee-0. 3 11-16 d. Frozen !<imb: Canfe.rlinry. 28-36 6jd.. 36-42 63d.. 42-50 6id.: best North Island. 23-42 6=d„ ordiinry 6 7-16 d. -. Australian, best. 6d., fair SJI -, Plate, light 6d., medium 53d. SILVER. By Tclesraph—Press Association—Oonyriirht London, June 2. Bar silver is quoted at 27 U-16d. per ounce standard. WHEAT. Official quotationii for wheat:—South Australian, New Wales, nnd Victorian, for prompt delivery, 375. 6d.; on passage. Jfa. 6d. Liverpool futures, 9J cents; July, SO.